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FT says UBS is considering US move

Tuesday, 18 November 2025 06:30

The bank UBS is again at the centre of speculation about moving its headquarters abroad.

The Financial Times reports that the Chairman Colm Kelleher has held private talks with U.S. Treasury Secretary Scott Bessent about a possible shift to the United States, if Switzerland pushes ahead with tougher capital requirements. 

UBS CEO Sergio Ermotti publicly denied any relocation plans in September, but sources say there were talks with American authorities. 

The Federal Council’s reform could cost UBS up to CHF 19bn, a burden the bank argues would harm its global competitiveness. 

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